Three Hong Kong Firms Strike Deal
For Fixed-Line Telecom Networks

By

Thom Beal Staff Reporter of The Wall Street Journal

Updated Sept. 13, 1999 12:01 a.m. ET

HONG KONG -- Three of Hong Kong's largest property conglomerates have pledged to increase their investments in new fixed-line telecommunications networks, sealing a deal in which the government promised in return to extend a ban on new competitors in the market.

The three companies -- Hutchison Communications, New World Telephone and New T&T -- agreed on Friday to invest 3 billion Hong Kong dollars ($386.6 million) to provide...